Explore the Site
A 292-unit new-construction, mixed-income development for low and moderate-income seniors age 55 years and over, located in Plano, Collin County, Texas, approximately 1.5 miles east of Central Expressway, 75, and the new State Farm regional headquarters. The development targets senior at or below 60% of AMFI for 80% of the living units. The remaining are market rate units, and 20% are without income or rent restrictions. The site is located in a zero vacancy, urban infill area of North Dallas. Medical service providers surround the property’s location. The new Richardson Methodist Hospital is the centerpiece of the medical services complex.
Financing
Construction financing and HTC equity for this development has been provided by IBC in conjunction with a tax-exempt bond offering for $20MM. The bonds closed in December 2014 and the contractor broke ground on the project in March 2015. Completion: February 2017 with full occupancy achieved by May 2017. RISE was the general contractor and is the property manager. Sonoma Housing Advisors was the development consultant. The construction contract was $21MM. At stabilization, the bonds were repaid with a FNMA taxable loan for $25MM. All development costs are paid along with 90% of the developer fee at conversion.
Details
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Year Built
2016 -
Total Units
292 -
Average Occupancy
100%
